Prime Highlights:
- The LegalTech Fund, a U.S.-based early-stage venture fund, closes its second fund at $110 million, nearly four times its 2021 debut.
- McDermott and e-discovery provider Consilio lead the investment, reflecting a strong push to drive innovation in legal technology.
Key Facts:
- TLTF targets early-stage legal tech companies, including AI, workflow automation, and consumer-focused platforms.
- Portfolio companies include Wexler, Entegrata, Flo Recruit, HelloPrenup, and others, covering litigation, legal operations, and enterprise solutions.
Background:
The LegalTech Fund (TLTF), a US-based investor, has raised $110 million for its second fund. It’s nearly four times bigger than TLTF’s first $28.5 million fund, showing strong confidence in legal tech.
Global law firm McDermott Will & Emery has reaffirmed its support as an anchor investor, contributing $10 million to the new fund. E-discovery leader Consilio has joined as a key strategic backer, while additional participants include Clio, Docusign, Harbor, Orrick, and the venture arm of Thomson Reuters.
McDermott chairman Ira Coleman said the firm’s continued investment reflects its long-term strategy of partnering early with disruptive legal technology startups. He said they aim to lead change, not be left behind by it.
Consilio CEO Andy Macdonald added that the company is committing “millions of dollars behind driving innovation across the ecosystem,” with plans to shape a marketplace that brings clients the most effective legal tech solutions.
TLTF primarily backs early-stage startups up to Series A, and its portfolio already spans a wide range of legal tech categories. Notable investments include Wexler, a UK tool for litigation teams; Entegrata, which helps legal departments use analytics; Flo Recruit, a platform that improves law firm hiring; and HelloPrenup, which offers affordable online prenuptial planning.
The fund has also backed BlackCloak, SimpleClosure, and Intelligent Legal Solutions, showing how legal tech is growing in security, automation, and operations. Investor interest is increasing as the $1 trillion legal market embraces automation and data tools.
